City eyes delegate approval to certify bonds for shopping complex

February 24, 2003|By Frank Michels

Earlier this month the council approved a 15-year special assessment agreement that is expected to generate about $1.6 million for infrastructure and utility improvements planned for M-32, Dickerson and Mankowski roads.

Duff said Monday night's delegate approval will allow the project to proceed without additional council approvals. "We won't have to take the bond amounts and special assessments back to the council if everything looks good with our bonding attorney and financial advisor. The delegate will be able to approve those bonds right away," Duff said.

He said the city is looking at a $1.5 million cap on the special assessment bonds and $900,000 in general obligation bonds.

"We expect to be below those bids, but those are our limits to pay for roads and other public improvements," Duff said. "Once we go ahead and bid the project and get bids on the project and a firm price we'll set the bond. We don't want to borrow more than we'll need for the project.

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Duff has said the new shopping complex is likely to bring about $20 million in new development, generating about $115,900 in new tax revenue its first year.

The council is also expected Monday to approve the initiation of an automatic meter reading system to generate water and sewer bills. Duff said a committee has been working on this new system.

He said the council will need to select a vendor for the automatic meter reading equipment.